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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net loss $ (123,756) $ (82,824)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 28,349 28,520
Non-cash interest expense on liability related to the sale of future royalties 71,434 61,103
Stock-based compensation expense 168,392 134,635
Realized and unrealized loss on marketable equity securities 2,306 1,289
Change in fair value of development derivative liability 74,150 64,228
Deferred income taxes 19,374 794
Other (37,864) (18,292)
Changes in operating assets and liabilities:    
Accounts receivable, net (144,347) 10,050
Inventory 17,359 6,816
Prepaid expenses and other assets (25,992) (13,775)
Accounts payable, accrued expenses and other liabilities 26,411 69,605
Deferred revenue (40,400) (219,506)
Net cash provided by operating activities 35,416 42,643
Cash flows from investing activities:    
Purchases of property, plant and equipment (23,263) (20,991)
Purchases of marketable securities (861,199) (717,826)
Sales and maturities of marketable securities 856,850 705,137
Proceeds from maturity of restricted investments 58,075 57,875
Purchases of restricted investments (58,075) (57,875)
Net cash used in investing activities (27,612) (33,680)
Cash flows from financing activities:    
Proceeds from exercise of stock options and other types of equity, net 130,587 158,637
(Repayment of) proceeds from development derivative, net (32,746) 1,770
Net cash provided by financing activities 97,841 160,407
Effect of exchange rate changes on cash, cash equivalents and restricted cash 41,564 (13,061)
Net increase in cash, cash equivalents and restricted cash 147,209 156,309
Cash, cash equivalents and restricted cash, beginning of period 968,652 814,884
Cash, cash equivalents and restricted cash, end of period 1,115,861 971,193
Supplemental disclosure of cash flows:    
Cash paid for interest 81,497 39,101
Cash paid for taxes 1,098 3,561
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities 8,537 7,793
Supplemental disclosure of noncash investing activities:    
Capital expenditures included in accounts payable and accrued expenses $ 4,081 $ 1,063